In another Q2 earnings win, GE beat expectations with double-digit earnings growth of 16%.
It was GE’s first profit increase since the financial crisis began, with profits up 93%. Revenue declined 3% after downsizing, asset sales, and lower equipment sales. Find the full release here.
But good reports by GE, Intel, and JPMorgan haven’t been matched by Q2 economic data. This could be a sign that profits have more to do with downsizing than retail sales. If this is the case, expect a different story for earnings in the second half of the year. (Check out 21 events that could jolt the market at any moment –>)
GE stock was up 2% in pre-market trading.